Positivo Tecnologia S A : Dados Econômico-Financeiros

(Convenience Translation into English from the Original Previously Issued in Portuguese)

Positivo Tecnologia S.A.

Report on Review of Interim Financial Information for the trhee-month period ended March 31, 2021.

KPMG Auditores Independentes The Five East Batel

Rua Nunes Machado, nº 68 - Batel

Caixa Postal 13533 - CEP: 80250-000 - Curitiba/PR - Brasil Telefone [phone]

kpmg.com.br

Independent Auditor's report on review of Interim Financial Information

To the Board of Directors and Shareholders of

Positivo Tecnologia S.A.

Curitiba, PR

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Positivo Tecnologia S.A. ("the Company"), included in the Quarterly Information Form - ITR, for the quarter ended March 31, 2021, which comprises the statement of financial position at March 31, 2021 and the respective statements of income, other comprehensive income, changes in equity and cash flows for the three- month period than ended, including explanatory notes.

The Company's management is responsible for the preparation of the individual interim financial information in accordance with the Technical Pronouncement CPC 21(R1) - Demonstração Intermediária and the preparation of the consolidated interim financial information in accordance with the Technical Pronouncement CPC 21(R1) and the International Accounting Standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of this information in accordance with the standards issued by the Comissão de Valores Mobiliários - CVM, applicable to the preparation of the Quarterly Information Form (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International standards on review engagements of interim financial information (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on individual interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the Quarterly Information

KPMG Auditores Independentes, uma sociedade simples brasileira e firma- membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

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Form - ITR referred above has not been prepared, in all material respects, in accordance with CPC 21(R1), applicable to the preparation of the Quarterly Information Form - ITR, and presented in accordance with the standards issued by the Comissão de Valores Mobiliários - CVM.

Conclusion on consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the Quarterly Information Form - ITR referred above has not been prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34, issued by IASB, applicable to the preparation of the Quarterly Information Form - ITR, and presented in accordance with the standards issued by the Comissão de Valores Mobiliários - CVM.

Other matters - Statements of Value Added

The interim financial information above mentioned includes the Statements of Value Added, individual and consolidated, for the three-month period ended March 31, 2021, prepared under the responsibility of the Company's management, and presented as supplementary information for the purposes of IAS 34. These statements were submitted to review procedures together with the review of Quarterly Information, with the objective of concluding whether they are reconciled with the interim financial information and accounting records, as applicable, and whether their format and content are in accordance with criteria determined in the Technical Pronouncement CPC 09 - Demonstração do Valor Adicionado. Based on our review, nothing has come to our attention that causes us to believe that it has not been prepared, in all material respects, in accordance with the criteria defined in this Pronouncement and consistent with the individual and consolidated interim financial information as a whole.

Curitiba, May 12, 2021

KPMG Auditores Independentes

CRC SP-014428/O-6F-PR

Original report in Portuguese signed by

Edson Rodrigues da Costa

Contador CRC PR-054199/O-0

KPMG Auditores Independentes, uma sociedade simples brasileira e firma- membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

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POSITIVO TECNOLOGIA S.A. AND SUBSIDIARIES

STATEMENTS OF FINANCIAL POSITION AT MARCH 31, 2021 AND DECEMBER 31, 2020 (Amounts expressed in thousands of reais)

			Parent company			Consolidated				Parent company		Consolidated
			March 31,			December 31,			March 31,			December 31,				March 31,		December 31,		March 31,		December 31,
ASSETS	Note	2021	2020	2021	2020		LIABILITIES AND SHAREHOLDERS' EQUITY	Note	2021	2020	2021	2020
CURRENT ASSETS														CURRENT LIABILITIES
Cash and cash equivalents	5		435,613	500,734	525,485	544,162		Suppliers	16	514,240	484,963	635,513	562,210
Derivative financial instruments	32		29,767	4,474	29,767	4,474		Loans and financing	17	345,122	437,298	375,343	461,373
Accounts receivable	6		552,930	540,810	638,628	698,044		Derivative financial instruments	32	-	8,727	-	8,727
Inventories	7		661,917	558,483	821,237	645,750		Salaries and social charges payable		32,872	30,756	35,857	33,263
Related parties	10		76,567	66,633	21,777	20,410		Lease liabilities	14.a	8,610	8,452	9,466	9,292
Recoverable taxes	8		146,799	178,156	151,904	183,356		Provisions	18	133,804	124,143	151,802	141,362
Income tax and social contribution			41,023	35,435	41,795	37,680		Provision for tax, labor and civil risks	22	6,037	5,412	6,037	5,412
Sundry advances			46,654	37,343	68,894	48,753		Taxes payable		12,149	23,656	19,671	32,037
Other receivables	9		36,280		27,225		37,600		28,608		Dividends payable	23.f	48,210	48,609	48,210	48,609
			2,027,550	1,949,293	2,337,087	2,211,237		Deferred revenue	8 | 19	7,383	7,492	7,383	7,492
														Related parties	10	6,065	7,477	665	1,213
														Other accounts payable	20		23,887		45,569		31,170		59,942
																1,138,379	1,232,554	1,321,117	1,370,932
														NON-CURRENT LIABILITIES
														Loans and financing	17	399,841	279,061	416,008	301,561
														Lease liabilities	14.a	26,708	28,921	29,406	31,839
														Provisions	18	20,338	19,306	20,338	19,306
														Provision for tax, labor and civil risks	22	35,184	34,497	35,184	34,497
NON-CURRENT ASSETS														Related parties	10	5,627	-	3,567	4,393
Long-term receivables														Net capital deficiency in subsidiaries and joint ventures	11 | 13	457	1,273	457	457
Accounts receivable	8		275,401	275,380	275,448	275,415		Other accounts payable	20		540		687		28,357		28,512
Recoverable taxes	21.a	-	-	761	599				488,695	363,745	533,317	420,565
Deferred taxes	9		61,233		60,984		61,820		61,571
Other receivables			336,634	336,364	338,029	337,585		TOTAL LIABILITIES		1,627,074	1,596,299	1,854,434	1,791,497
														SHAREHOLDERS'EQUITY
														Share capital	23.a	721,670	721,670	721,670	721,670
Investments in subsidiaries	11		218,518	200,629	-	-		Capital reserve	23.b	119,567	119,411	119,567	119,411
Investment in joint venture	13		-	-	39,135	38,538		Profit reserve	23.c	210,712	211,233	210,712	211,233
Investment in associates and others	12		19,736	18,001	56,267	53,154		Equity valuation adjustment	23.d	(9,160)	(17,075)	(9,160)	(17,075)
Property, plant and equipment	14		72,989	73,590	86,550	86,298		Treasury shares	23.e	(11,918)	(13,325)	(11,918)	(13,325)
Intangible assets	15		37,400		40,336		95,218		97,823		Income for the period			54,882		-		54,882		-
			348,643		332,556		277,170		275,813		Shareholders' equity attributable to controlling shareholders			1,085,753		1,021,914		1,085,753		1,021,914
														Non-controlling interest			-		-		12,099		11,224
			685,277		668,920		615,199		613,398		Total shareholders equiy			1,085,753		1,021,914		1,097,852		1,033,138
TOTAL ASSETS			2,712,827		2,618,213		2,952,286		2,824,635		TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			2,712,827		2,618,213		2,952,286		2,824,635

See the accompanying notes to the interim financial information.

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POSITIVO TECNOLOGIA S.A. AND SUBSIDIARIES

STATEMENTS OF INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020 (Amounts expressed in thousands of reais)

			Parent company			Consolidated
			March 31,			March 31,			March 31,			March 31,
	Note		2021		2020		2021			2020
NET REVENUE	24		630,108	333,731	676,470	378,566
COST OF SALES ANDSERVICES RENDERED	25		(496,557)	(270,572)	(519,709)	(304,300)
GROSS INCOME			133,551	63,159	156,761	74,266
Sales expenses	25		(87,660)	(53,207)	(90,482)	(57,734)
General and administrative expenses	25		(22,382)	(25,665)	(24,470)	(27,844)
Other operating income (expenses), net			(674)	(484)	(1,367)	36
Equity in income of subsidiaries and associated companies	11 to 13	12,784		(10,488)		(873)			(1,681)
			(97,932)	(89,844)	(117,192)	(87,223)
INCOME BEFORE FINANCIAL INCOME AND EXPENSES			35,619		(26,685)		39,569			(12,957)
Financial revenues	27		5,139	10,789	6,899	11,336
Financial expenses	27		(28,229)	(23,847)	(30,894)	(25,973)
Net exchange-rate change	27		42,353		43,428		40,998			34,576
			19,263	30,370	17,003	19,939
INCOME BEFORE INCOME TAX			54,882		3,685		56,572			6,982
Current income tax and social contribution	21.b	-	-	(978)	(24)
Deferred income tax and social contribution	21.b	-		(277)		163			(2,585)
			-	(277)	(815)	(2,609)
NET INCOME FOR THE PERIOD			54,882	3,408	55,757	4,373
Attributable to controlling shareholders			N/A			N/A	54,882	3,408
Attributable to non-controlling shareholders			N/A			N/A	875	965
NET INCOME PER SHARE - R$
Basic	29		N/A			N/A	0.4483	0.0276
Diluted	29		N/A			N/A		0.4480			0.0275

See the accompanying notes to the interim financial information.

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